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RHB

CGS CIMB

Singapore Exchange (SGX SP)

Acquiring BidFX To Serve Wider FX Community

 

 Stay BUY, unchanged SGD9.20 TP, 14% upside with c.4% FY21F (Jun) yield. Our TP is pegged to 24x FY21F EPS, at 1SD above the 4-year mean of 22.5x. Singapore Exchange has announced that it will acquire the remaining 80% in BidFX for USD128m, which will expand its reach into the global FX over-the-counter (OTC) market. We view the acquisition positively.

 

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Accordia Golf Trust

Business trust with golf assets

 

■ Listed on the SGX-ST, AGT is a business trust comprising golf assets.

■ The trust reported a net profit of JPY1.7bn for FY3/20.

■ AGT is trading at 0.86x FY20 P/BV, with a FY20 dividend yield of 6.72%

 

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CGS CIMB

UOB KAYHIAN

Elite Commercial REIT

Stability plus growth

 

■ Elite Commercial REIT (ECR) offers investors stability and growth, backed by a long lease profile and inflation-linked lease structure, in our view.

■ Its key tenant DWP is a counter-cyclical occupier that provides resilience to ECR’s initial portfolio. Growth drivers include inorganic expansion.

■ We initiate coverage on ECR with an Add rating and a DDM-based TP of £0.76.

 

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REITs – Singapore

S-REITs Weekly

 

S-REITs corrected 0.8% wow last week as the US experienced a second wave of COVID-19 infections. Daily new confirmed cases surged above 40,000 each on Thursday and Friday. States in the Southeast and Southwest, such as Texas, California and Florida, were badly affected. We take advantage of the weakness to accumulate retail REITs CMT (Target: S$2.60) and FCT (Target: S$2.85), hospitality REITs ART (Target: S$1.16) and FEHT (Target: S$0.62), and office REIT KREIT (Target: S$1.30). Maintain OVERWEIGHT.

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings3.1600.010
AusGroup0.027-
Avi-Tech Electronics0.4200.010
Best World Int.1.360-
CEI0.8450.005
China Sunsine0.3650.005
CNMC GoldMine0.2400.010
CSE Global0.4200.005
Food Empire0.530-0.015
Golden Energy0.164-
GSS Energy0.066-0.001
ISDN Holdings0.215-
ISOTeam0.150-0.009
IX Biopharma0.245-
JB Foods0.585-
KSH Holdings0.340-0.005
Medtecs Intl0.5000.035
Moya Asia0.064-
Nordic Group0.235-
Oxley Holdings0.2400.005
Procurri0.285-
REX International0.180-
Riverstone2.7700.010
Roxy-Pacific0.3450.005
Sing Holdings0.355-0.005
SingMedical0.245-
Straco Corp.0.505-
Sunningdale Tech0.9800.005
Sunpower Group0.455-
The Trendlines0.1110.002
Tiong Seng0.162-
Uni-Asia Group0.535-0.005
Yangzijiang Shipbldg0.945-0.005

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